Australia markets closed

ASX to plummet as landlords hit back

The ASX is tipped to open lower amid the global coronavirus pandemic. Images: Getty

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap.

ASX: The Australian share market is expected to plunge at the open on Thursday following a bloodbath on Wall Street overnight. 

The Dow dropped more than 900 points after US President Donald Trump flagged a “painful two weeks” ahead. The S&P and Nasdaq both saw their biggest falls in weeks as the coronavirus case count in the US tops 100,000 - one-fifth of known global cases. 

Jobs help: The federal government has launched a website listing all available jobs to try to help unemployed Australians back into the workforce. 

"These are critical jobs that will contribute to keeping the economy going and keeping as many Australians in work as possible," Employment Minister Michaelia Cash said.

Eviction ban: Landlords have warned the eviction ban raises significant challenges for mortgage-holders. They claim the six-month home loan deferral from the major banks isn’t enough, and expressed concern about the increasing interest. 

Casuals forgotten: Australia’s unions are calling on the government to expand its $130 billion wage subsidy scheme to include visa workers, recently-hired casual workers and casual teachers - all of whom are currently not covered by the plan

Savings perk: Australians who can work from home are likely experiencing one positive side effect: the savings. No more train fares, petrol, daily coffees or after work drinks, and it’s showing up in Australians’ bank accounts. One financial adviser found workers are saving between $50 - $100 a week. 

No bail out for Virgin: Embattled carrier Virgin Australia will not receive a requested $1.4 billion loan, according to reports in the Australian Financial Review. 

And if Virgin goes under, “steps will be taken to get another carrier to enter the market,” the paper reported. 

Zoom security: And as unprecedented numbers of people use Zoom to communicate, there are growing concerns about the security of the service and its ability to cope with the increase in users. 

Have a great day.

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